Q&A with Emily Cadik, CEO of the Affordable Housing Tax Credit Coalition
April 16, 2026
Eden Housing has had a long and positive association with the Affordable Housing Tax Credit Coalition (AHTCC), which has been instrumental in helping address the ongoing lack of affordable housing. Recently we caught up with CEO Emily Cadik, who has made a big impact, drawing on an illustrious career in the sector. In her previous role at Enterprise Community Partners, she was honored with the NHP Foundation’s inaugural Advocacy Award in 2017 and in 2016 was named one of Affordable Housing Finance’s Young Leaders. Before joining Enterprise, she was a Presidential Management Fellow at the U.S. Department of Housing and Urban Development, where she served as a program coordinator for the Moving to Work demonstration and in the Office of Intergovernmental Affairs.
We talked with Cadik about the excitement we see building around proposals that will advance the cause of affordable housing and how to keep the momentum moving forward.
This year marks the 40th anniversary of the creation of the Low-Income Housing Tax Credit, which has become the country’s most successful tool for financing affordable housing since it was signed into law in 1986. The program has helped build millions of units of affordable housing across the country, providing homes to almost one million Californians—a remarkable number. What has been the key to this program’s success and how can groups like Eden help sustain it for the next 40 years?
The key to the Housing Credit’s success is the public-private partnership model, which transfers the risk from the government to the private sector. This has created a great deal of accountability and oversight and is part of the reason for the program’s popularity on both sides of the aisle, which has translated into significant policy wins.
Groups like Eden have an important role to play in telling the story of the Housing Credit—who it serves, how it transforms lives, and how it impacts the surrounding community. We have been saying for years that the difference between someone who is merely a “supporter” of the Housing Credit compared with someone who is a “champion” is whether or not they have been out to see the properties. We know that members of Congress and staff have so many issues they’re focusing on in any given day, but actually seeing Housing Credit properties firsthand helps address questions and misperceptions, and also keeps the program top of mind during key moments.
The 40th anniversary of the Housing Credit is a perfect opportunity to remind members of Congress of the enduring success of the program and to thank the policymakers that have played a role in expanding and strengthening the program over the years. Especially during an election year, members of Congress are looking for positive impacts to highlight in their home states and districts. With affordability top of mind across the country, it’s hard to think of anything more positive to showcase than the Housing Credit.
The latest boost to this program came last year with the passage of HR 1, a tax bill that included the largest expansion ever of federal support for the tax credit. How have you seen this newly expanded credit impact development in states like California? Are these changes causing the expected jump in the number of affordable homes in the pipeline?
HR 1 included two provisions related to the Housing Credit that had been top priority for the industry for many years: permanently increasing the Housing Credit allocation by 12 percent and lowering the 50 percent bond financing threshold to 25 percent. Because of these two provisions, California is estimated to be able to finance a staggering 200,000+ more affordable homes over the next decade than otherwise possible, according to Novogradac.
California’s Tax Credit Allocation Committee (CTCAC) and Debt Limit Allocation Committee (CDLAC) took action right away by engaging in emergency rulemaking to prepare for these provisions going into effect on January 1 of this year with an eye toward maximizing their impact. Because of the reduction of the 50 percent test to 25 percent, they have already approved the development of over 10,000 more affordable homes than they would have otherwise been able to approve on the 4 percent side alone. Though California’s housing needs are vast, this magnitude of impact will go a long way toward providing relief, and we should see even more evidence as the year progresses.
For the first time in decades, the House and Senate have passed major housing bills over the last several months, both with provisions for funding federal housing programs and accelerating affordable housing development. How do you see this legislation coming together, and what do you see as the best options this year for further expanding the investor pool to support affordable housing production?
The 21st Century ROAD to Housing Act contains dozens of commonsense, bipartisan, no-cost proposals to boost the supply of affordable housing. One proposal we have been advocating for, in particular, would lift the public welfare investment (PWI) cap from 15 to 20 percent, unlocking billions of dollars of additional investment in affordable housing. A survey conducted by theAHTCC, along with the Affordable Housing Investors Council and National Association of Affordable Housing Lenders, found that a significant share of the major investors in the Housing Credit are approaching their current 15 percent PWI cap. Allowing these banks to increase to a 20 percent cap would enable additional investment at an important time.
Although the 21st Century ROAD to Housing Act just passed the Senate by an overwhelmingly bipartisan vote, it does face challenges in the House. House leadership have indicated they may insist on a conference to include more of the House’s priorities. There is also significant controversy around an aspect of the ban on institutional investors buying single family homes, which has adverse impacts on build-to-rent development (some of which are Housing Credit properties). It remains to be seen whether there will be a formal conference between the House and Senate and when that might take place.
Beyond the 21st Century ROAD to Housing Act, we will also continue to pursue other legislation to increase the investor base for the Housing Credit. Several of these require changes to the tax code, like a longer carryback period for the Housing Credit or allowing investors to go beyond the 75 percent limitation on general business credits for the Housing Credit and other community development credits. While we are not expecting a major tax bill anytime soon given the magnitude of the tax provisions included in HR 1 last year, we are beginning to lay the groundwork for whenever the next opportunity to advance our tax priorities arises.
Where do you see housing policy going next after the midterm elections? Are there other affordable housing trends in DC that groups like Eden should be aware of?
Housing affordability is top of mind for both parties heading into the midterms, which presents tremendous opportunities. “Affordability” has become a buzzword like never before, and the number of members of Congress and other policymakers introducing new housing proposals has increased exponentially. That said, with so much noise in Washington, especially during election season, advocates cannot take anything for granted. We will need to speak with one voice and remain focused to seize on this moment and continue to shepherd more policies to support affordable housing across the finish line.